More endowments and foundations are looking beyond their traditional talent pools to fill their CIO spots. Instead of choosing people who have previously worked for an asset owner, non-profits are increasingly tapping candidates with experience at asset managers to run their portfolios, according to recruiters.

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It’s becoming increasingly difficult to find CIO candidates, says Deb Brown, senior member of the investment management practice at executive search firm Russell Reynolds Associates. The lack of talent in the university endowment and foundation space has led to "musical chairs," she says.

"If we don’t start bringing in folks from outside the closed circle, we will truly run out of supply to meet the demand," she says.